Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 16, Problem 7PA
Subpart (a):
To determine
Measuring the changes in price, wages and
Subpart (b):
To determine
Measuring the changes in price, wages and purchasing power.
Subpart (c):
To determine
Measuring the changes in price, wages and purchasing power.
Subpart (d):
To determine
Measuring the changes in price, wages and purchasing power.
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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3
apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added
5 units to Sadid's utility, while the last bread added 7 units.
Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's
consumption bundle? Why or why not? Give reasons in support of your answer.
State the condition for a consumer's utility maximizing choice and illustrate graphically.
2. Consider the following table of long-run total costs for three different firms:
Quantity
Total Cost ($)
Firm A
Firm B
Firm C
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49
4
90
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85
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106
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Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer
with necessary calculations.
Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.
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Essentials of Economics (MindTap Course List)
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